Friday, June 17, 2016

Think Profit!

Not everyone has what it takes to make a profit. More than half of the people who try to start profit-making businesses give up in less than two years. Less than one venture in five lasts ten years.

Most of the time, these people are good at what they do; however, they do not know how to price their goods or services at a price that will turn a profit.

You will need to figure your labor, material and overhead. After you have these costs of doing business, you will need to decide your percentage of profit margin.

Costs + Profit = Price

To make a profit, you must have customers who will buy your service at the price you set. Price your business carefully so as to be competitive in your market. Being the cheapest is NOT wise. However, being the most expensive can be tricky. You must deliver value.

Be sure your customer gets full value for his or her money. Keep your customers in mind at all times. Make certain your company's work is of excellent quality - the kind of quality work people are happy to buy at the price you set.

Try to work as efficiently as possible. Make sure the work you do represents value for your customers. These are the factors which produce profits.

Thank you for reading Bane's Blog®.

The Bane-Clene® Team